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Energy Markets Rattled As Israel-Iran Conflict Escalates
- On June 13, Israel launched airstrikes on Iranian nuclear and military sites, reportedly killing senior officials including Hossein Salami, head of Iran’s Revolutionary Guard.
- This attack follows rising regional tensions, with Iran previously threatening to close the Strait of Hormuz in response to Western pressure and escalating conflicts.
- The Strait of Hormuz, a critical chokepoint handling about 20% of global oil traffic, remains open but markets fear supply disruptions that could affect key oil exporters to Asia and India.
- Brent crude prices surged over $6 on June 13, crossing $78 per barrel, while US markets dropped sharply with the S&P 500 down 1.1% and the Dow 1.7%, reflecting fears of broader conflict impact.
- Experts warn that sustained disruptions could raise inflation and energy costs significantly, while international agencies stand ready to release emergency reserves if needed amid ongoing volatility.
22 Articles
22 Articles
The oil market has been boiling since Israel's attack on Iran in the night of Thursday to Friday. In its response, Tehran could try to close the Strait of Ormuz, warned Emmanuel Macron. 20% of the world's oil flows pass there. - Israel-Iran conflict: the closure of the Strait of Ormuz, the hypothesis that could raise the price of oil (International).
Oil prices skyrocketed and global actions fell yesterday, with concerns that the escalation of violence following Israel's attack on Iran's nuclear and military targets could damage the global oil flow as well as the global economy.The attack was mutual, as Iran later launched dozens of ballistic missiles in retaliation for Israel's attacks on its nuclear facilities.Iran is one of the world's leading oil producers and is a member of the Organiza…
The oil price has already increased after Israel's military strikes against Iran. If Tehran now closes the Strait of Hormus, this development could become even stronger. This would have enormous consequences, the foreign trade association warns.
Key trade route Strait of Hormuz under market watch after Israeli attacks on Iran
Around one-third of global oil, 20% of LNG trade pass through Strait of Hormuz, making its potential closure due to possible wider conflict in region detrimental to Iran’s trade, market prices - Anadolu Ajansı
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